Budget
We are committed to building the new central library within our available funding sources without requesting additional levy increases.
The project budget is $150 million.
The project is funded by:
- SPL’s capital reserves (planned savings): $61.6 million
- Donations: $15 million
- Land sale (existing property): $4.5 million
- Remediation allowance provided by the land seller: $1.4 million
- An approved loan: $67.5 million (to be repaid via the funding plan)
The project budget includes:
- land purchase
- site development
- professional services
- construction
- furniture, fixtures and equipment
- contingency
- tax
- streetscape upgrades (sidewalks, curbing and curb extension)
- potential US tariff impact